"We're super excited to finally be coming out of the ground andletting tenants and the community see that it's real after talkingabout it for so long," says Gar Herring, president of theDallas-based development group. He tells GlobeSt.com that MGHerringsecured a $40-million loan from Bank of America to supplement citybonds to make the events center become a reality. The center willsit at the epicenter of three million sf in side-by-side projectsspanning 400 acres at the junction of Stacy Road and US Hwy.75.

"We climbed some very challenging hurdles," Herring adds. "Thefinancing was extremely complex." The developer, city and facilityoperator, Phoenix-based Global EntertainmentCorp. have stakes in the project, with MGHerring floating aloan separate from its construction financing for the Village atAllen and Village at Fairview.

[IMGCAP(2)]The developer has transferred a 15-acre tract in theVillage of Allen to the city, which will own the events center, twoparking decks and the land. A cross-access agreement has been inkedbetween the developer and city.